How to make this abstract Ribbon-y shape in Blender?
I tried:

Create a short fat cylinder with no caps (the base ring)
Select the edge ring around the cylinder, and subdivide with multiple cuts to make the whole thing into squares instead of long rectangles.
Enable cloth physics on the mesh, and set the cloth to “rubber.” Enable self collision.
In Scene Properties, set gravity to zero.
Add a turbulent force field, and turn it up fairly high.
Run the simulation a bit.
Adjust physics settings as needed.
Add solidify and subdivision surface modifiers.
Create a glass material (you can add together three glass shaders with slightly different IOR values to get a chromatic aberration effect).
Use a noise texture to displace the surface a bit.

Note: I actually started with a bezier circle, then converted it to mesh after extruding it.